The behind-the-scenes role that's minting future stars at BlackRock

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The behind-the-scenes role that's minting future stars at BlackRock
HBO

Hiya! Dan DeFrancesco in a balmy NYC. If you went a little too hard on the chocolate yesterday, I've got you covered with seven tips from a dietitian on how to go on a sugar cleanse.

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On tap, we've got stories on why macro traders are the hottest thing going on Wall Street, a fintech that just got backing from Reddit cofounder Alexis Ohanian's venture arm, and why aliens don't want to hang out with us just yet.

But first, you might not know them, but you should.


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1. The keeper of the keys.

Some of the most powerful people on Wall Street are men and women you've never heard of.

A CEO's chief of staff is an important but largely behind-the-scenes job that serves as the gatekeeper between the top boss and the rest of the world.

If you're familiar with the title, it's most likely from politics, not finance. The White House chief of staff, which coincidentally just changed, is the most well-known CoS (not sure this is an actual abbreviation, but just go with it). And as The New York Times covered in 2017, Hollywood has become somewhat obsessed with portraying the role in various movies and TV shows.

Regardless of the industry, the broad strokes of the responsibilities of the CoS remain the same: serve as a top executive's right-hand person (or left-hand person for us lefties!).

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Insider's Rebecca Ungarino has a report on BlackRock CEO Larry Fink's newest CoS, Willie Alford. What's interesting about serving as Fink's CoS is that it has served as a career springboard, so to speak. As Rebecca maps out, previous CoS have gone on to serve in high-profile roles, both at BlackRock and elsewhere.

You can get the full rundown on the history of the position here.

Something else Rebecca pointed out to me was that, so far, Fink's CoS have either been women or people of color, which is somewhat notable considering how white and male dominated Wall Street is.

Click here to learn more about BlackRock's new chief of staff and why the role is rising in importance across Wall Street.


In other news:

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The behind-the-scenes role that's minting future stars at BlackRock
20th Century Fox

2. Everybody wants macro traders. Millennium Management just snagged a 32-year-old macro portfolio manager from ExodusPoint, which has had its own talent-retention issues. Read more about why everyone is in the market for macro PMs.

3. Traders getting "Tom Brady-like pay packages." Speaking of trading, here is a breakdown of the eye-popping payouts traders are getting at large hedge funds competing for talent. Here's more on comp packages that can be as high as nine figures.

4. A fintech helping companies engage with their retail investors got backing from Alexis Ohanian's Seven Seven Six. Stakeholder Labs raised a $4.2 million seed round led by the Reddit cofounder's venture firm. Here's how the startup wants to help companies interact with mom-and-pop investors.

5. Check out these holy holdings. Recent regulatory filings from Ensign Peak Advisors, the $100 billion investment arm of the Mormon Church, showed a good chunk of its assets were in stocks ($44 billion). These are the top 10 holdings in the church's investment portfolio, including one Wall Street titan.

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6. David Solomon is feeling optimistic. The Goldman Sachs CEO, who's facing some turmoil internally, said the economy has a better chance at a "softer landing." More on why Solomon is feeling so bullish on the US economy.

7. Is Bridgewater Associates the new king of the meme stocks? The hedge fund bet big on GameStop and AMC Entertainment last quarter, according to recent regulatory filings. Meanwhile, we've got updates on other high-profile investors, including the investments at Jim Simon's Renaissance Technologies and George Soros' family office.

8. Can you hear me, Major Tom? The recent string of mysterious flying objects being spotted has everyone asking if aliens are about to make contact with us. Here are 13 reasons why we haven't heard from extraterrestrials yet, including the possibility that they're keeping us in a zoo?!

9. If you are poor, Neiman Marcus would kindly like you to find somewhere else to shop. The high-end department store only wants shoppers willing to drop at least $27,000 a year at their stores. More on why the store is focusing on the 1%.

10. She's reading the fine print to help you save big time. Erika Kullberg has developed a following on TikTok for her advice on how consumers can save money thanks to companies' often-overlooked terms and conditions. Here are four of her best tips to save money on everything from Apple products to Starbucks refills.

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Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Nathan Rennolds (tweet @ncrennolds) in London.

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